In a Desperate Attempt to Salvage the Situation After OM's 90% Crash, Mantra's Founder John Patrick Mullin Begins Burning 150M Tokens

Mantra, the blockchain project currently battling to recover from a recent price collapse, has announced that CEO John Patrick Mullin has begun burning 150 million Mantra (OM) tokens.

The move, part of a broader initiative to restore community confidence, will reduce the circulating supply of OM tokens and adjust the project’s tokenomics.

As disclosed in a recent company statement, Mullin’s unstaking process began on April 21 and is set to be completed by April 29. Following unstaking, the 150 million OM tokens will be transferred to a designated burn address, where they will be permanently removed from circulation.

This reduction in supply will shrink the total OM token count from 1.82 billion to 1.67 billion. Staked tokens will drop by over 26 per cent, falling from 571.8 million to 421.8 million. These changes are expected to directly improve staking returns by decreasing the bonded ratio from 31.47% to 25.30%, resulting in a higher staking APR for remaining participants.

The CEO’s personal token burn is a major milestone in Mantra’s recovery roadmap. Following a recent interview where he announced plans for burning his allocated tokens, Mullin stated that this is “the first step in rebuilding trust.”

Following the announcement, a community poll was created to provide feedback on the plan, with alternatives such as milestone-based vesting or longer lock-ups also being suggested. The poll, which received nearly 9,000 votes, sparked mixed reactions. While some praised the transparency and initiative, others expressed skepticism and accused Mullin of trying to shift blame.

Despite the backlash, Mullin has since confirmed that the token burn is still in progress and that the Mantra team is also discussing an additional burn of another 150 million OM tokens with ecosystem partners.

If successful, this second phase of burning will push the total token reduction to 300 million, further compressing supply and potentially driving long-term price appreciation.

These talks, which Mantra describes as demonstrating a “commitment to serious reform,” will involve every corner of the ecosystem. By encouraging partners to take responsibility and align with the project’s new direction, the team hopes to send a stronger message to disillusioned investors.

The potential of a 300 million OM burn has sparked cautious optimism in parts of the community, although some skepticism remains due to the project’s recent volatility and public trust issues.

The announcement comes after the OM token experienced a massive 90% crash within a matter of hours on April 13. This shocking price drop, which saw the token plummet from a high of $6.30 to below $0.55, triggered panic selling and fierce criticism of Mantra’s tokenomics and vesting structure.

In response, Mullin took to X, formerly Twitter, to announce his intent to burn his allocated tokens. He also posted a community poll seeking feedback on the plan, offering alternatives such as milestone-based vesting or longer lock-ups. The poll, which received nearly 9,000 votes, was met with mixed responses. Some praised the transparency, while others accused the CEO of backpedalling and trying to shift blame.

Despite the backlash, Mullin reaffirmed his commitment to the token burn, framing it as part of an “OM Token Support Plan”, which also includes a buyback program now reportedly underway.

To counter community concerns and provide greater transparency, Mantra has recently launched a tokenomics dashboard. This platform aims to offer a clear view of token allocations, burn timelines, and staking performance.

The move is a critical response to recent criticism regarding hidden risks and opaque decision-making, issues that may have contributed to the OM price collapse. As the token burn officially begins, many investors are watching closely. For the Mantra CEO, this move represents a high-stakes gamble to restore faith in the project, one that could either reset its trajectory or cement its downfall.